(Bloomberg) — In a gallant effort to address rising living costs and breathe life into the flagging economy, Thailand disbursed approximately 30 billion baht (a princely $890 million) to its esteemed senior citizens on Monday.
Prime Minister Paetongtarn Shinawatra assured that this monetary boon, vital to bolstering the economy now valued at a staggering $500 billion, reached the coffers of more than 3 million elders. Each was gracefully endowed with 10,000 baht (equivalent to $297). The cash stimulus program remains in continuation, although specifics remain veiled for now.
The aid programme was a hallmark pledge of the Pheu Thai party, ably helmed by Paetongtarn. It saw delays owing to legal uncertainties and teething trouble in digital application development. Initially, the government magnanimously extended this monetary gift to 14.45 million welfare cardholders and those with disabilities.
Economic Measures and Growth Prospects
Thailand’s economic vigour, unfortunately, lags behind its regional contemporaries over the past ten years. To rectify this, Paetongtarn’s administration has proposed an array of measures. These include invoking a debt moratorium, enhancing state expenditure, and persisting with cash inflows to achieve a commendable 3% growth this year.
Finance Minister Pichai Chunhavajira expressed unwavering confidence that, buoyed by these decisive actions and a promising inflow of foreign investments, the growth target is in sight. Deputy Finance Minister Paopoom Rojanasakul highlighted that this generous giveaway might very well add an additional 0.1 percentage point to the GDP.
Future of the Cash Stimulus Scheme
Meanwhile, Deputy Finance Minister Julapun Amornvivat stated that the digital payment system, intended for facilitating money transfers to the awaiting claimants, shall be operational by the second quarter. Quite notably, over 30 million hopefuls had already registered for the munificent handout last year.
Minister Julapun further remarked on the prospect of allocating supplementary budgetary funding, should the designated 160 billion baht fail to suffice. “Ensuring the economy’s steady progress throughout both the bustling and quiet seasons is a prerogative,” he emphasised.
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